Envestnet Asset Management Inc. Sells 6,156 Shares of Western Alliance Bancorporation (NYSE:WAL)

Envestnet Asset Management Inc. trimmed its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 11.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,554 shares of the financial services provider's stock after selling 6,156 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Western Alliance Bancorporation were worth $3,577,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WAL. Norges Bank purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $109,298,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Western Alliance Bancorporation by 55.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock valued at $151,604,000 after buying an additional 648,983 shares during the period. Janus Henderson Group PLC boosted its position in shares of Western Alliance Bancorporation by 23.5% during the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after buying an additional 445,176 shares during the period. Bank of Montreal Can boosted its position in shares of Western Alliance Bancorporation by 973.1% during the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider's stock valued at $35,239,000 after buying an additional 382,513 shares during the period. Finally, Global Frontier Investments LLC purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $23,809,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Wall Street Analyst Weigh In

WAL has been the topic of several recent research reports. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Stephens reissued an "overweight" rating and set a $92.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Wells Fargo & Company lowered their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, July 21st. Citigroup increased their target price on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, DA Davidson increased their target price on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and an average target price of $96.62.

Western Alliance Bancorporation Trading Down 1.3%

Shares of WAL opened at $82.10 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm's 50-day moving average is $77.40 and its two-hundred day moving average is $78.23. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The firm has a market capitalization of $9.06 billion, a P/E ratio of 10.79, a PEG ratio of 0.57 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.03. The business had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. During the same quarter in the prior year, the firm posted $1.75 earnings per share. On average, research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.85%. The ex-dividend date was Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 19.97%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. This represents a 9.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.68% of the company's stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.

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